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Bitcoin, Ethereum and XRP erase recent gains, traders focus on meme coins

VaselineAugust 21, 2024

0 3 minutes read

Bitcoin, Ethereum and XRP erase recent gains, traders focus on meme coins

Bitcoin, Ethereum and XRP are falling below key support levels at $60,000, $2,600 and $0.60 respectively.
SunPump, the Tron ecosystem’s meme-launching platform, generates over $1.1 million in revenue within twelve days of launch.
The Tron network’s daily revenue hit a record high of $26.83 million on Tuesday, according to DeFiLlama data.

Bitcoin, Ethereum and XRP Updates

Bitcoin, Ethereum and XRP are trading at important support levels at $60,000, $2,600 and $0.60 early Wednesday.
The three cryptocurrencies erased gains from earlier in the week as traders turned their attention to other cryptocurrencies such as Artificial Intelligence (AI) and Tron ecosystem meme coins launched on SunPump.
Sunpump generated more than $1.31 million in revenue within twelve days of its launch, according to data from Dune Analytics.

Solar pump

Sunpump revenue from token launch

The Tron Network hit a milestone on Tuesday with record daily revenue of $26.83 million. This can be attributed to chain activity coming from the SunPump launchpad.

Throne

Revenue from the Tron protocol

Chart of the day

THRONE

TRX/USDT Daily Chart

TRON (TRX) is trading at $0.1639 at the time of writing. The token rose nearly 1.36% on Wednesday amid a surge in on-chain activity, extending gains seen earlier this week. The Relative Strength Index (RSI) is reading 84.19 at the time of writing, well in the overbought region, generating a sell signal as there are increasing chances of a pullback.

If a correction occurs, TRX could find support at $0.1436.

Market updates

K33 Research data shows that since the beginning of the year, Pump users have launched 1,829,747 meme coins.
Mt.Gox transferred 12,000 Bitcoins (worth about $710 million) to a new wallet address, according to on-chain data.

Bitcoin

Transfer BTC Mt.Gox

A SUNDOG (recently launched meme coin on Sunpump) trader turned a $1,690 investment of 104.33 million tokens into $20 million within six days, according to Arkham Intel data.

This trader turned $1.69M from SUNDOG into $20 MILLION in 6 days

TT4S5 was one of the first SUNDOG buyers and purchased 104.33 million tokens for $1.69K.

They currently hold $19.52M of SUNDOG across 7 addresses and have also sent $1.08M of SUNDOG to exchanges – for a total profit of $20.60M. pic.twitter.com/ny9HW7qP8R

— Arkham (@ArkhamIntel) August 20, 2024

Industry updates

Tether launched USD Tether on the Layer 1 Aptos blockchain to improve crypto access and reduce transaction costs for users.
Crypto bankruptcy firm Terraform Labs’ Chapter 11 bankruptcy hearing has been scheduled for September 19.
Tether announces plan to develop stablecoin pegged to UAE dirham.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 21, 2024

0 3 minutes read